Crown Estate
Encyclopedia : C : CR : CRO : Crown Estate
In the United Kingdom, the Crown Estate is a property portfolio associated with the monarchy. Historically the possession of monarchs, it has evolved into a unique institution which transfers its income to the Exchequer.
The Crown Estate is one of the largest property owners in the United Kingdom with a portfolio worth £5 billion as of 2005. The majority of the estate by value is urban, including a large number of properties in central London, but the estate also owns 1,100 square kilometres of agricultural land and forest, and more than 55% of the UK’s foreshore, and retains various other traditional holdings and rights.
History
Crown land in England
The career of the crown lands in England before the reign of King William III was one of continuous alienation to favourites. Their wholesale distribution by William III necessitated the intervention of the English Parliament, and in the reign of Queen Anne an act was passed limiting the right of alienation of Crown lands to a period of not more than thirty-one years or three lives. The revenue from the Crown lands was also made part of the Civil List. At the beginning of his reign King George III surrendered his interest in the Crown Estate in return for a fixed civil list.Crown land since George III
The land revenues of the Crown in England and Wales have been collected on the public account since 1760, when George III surrendered them in return for a fixed annual payment or civil list. At the time of the surrender the gross revenues amounted to about £11,000.The land revenues in Ireland have been carried to the Consolidated Fund since 1820. From 1 April 1923, as regards the Republic of Ireland, they have been collected and administered by the Irish Government.
The land revenues in Scotland were transferred to the Crown Estate Commissioners in 1833.
The Crown Estate Commission is a non-ministerial department of the Government of the United Kingdom run on commercial lines, by the Crown Estate Commissioners. It has a property portfolio of buildings, shoreline, seabed, forestry, agricultural and common land worth £5 billion, generating revenue of around £184 million for HM Treasury every year. For example, it owns much of Regent Street in London.
The First Commissioner and Chairman is part-time. The Second Commissioner is the Chief Executive.
See also
External links
From Wikipedia, the Free Encyclopedia. Original article here. Support Wikipedia by contributing or donating.
All text is available under the terms of the GNU Free Documentation License See Wikipedia Copyrights for details.